The former Chief Executive Officer of Digitex Futures Exchange pleaded guilty to willfully causing the company to violate the Bank Secrecy Act by failing to establish and implement an anti-money-laundering program.
MIAMI – Adam Colin Todd, 50, the former CEO of Digitex Futures, a cryptocurrency futures market, pleaded guilty in federal court to violating the Bank Secrecy Act. The charges stem from Todd operating Digitex Futures as an unregistered futures commission merchant within the United States from 2018 through April 2022.
Todd willfully failed to establish, implement, and maintain an adequate anti-money-laundering program, including a know-your-customer program. In a shocking display of defiance, Todd publicly stated that he refused to implement know-your-customer policies for Digitex Futures.
The U.S. Attorney’s Office for the Southern District of Florida announced the guilty plea. U.S. Attorney Markenzy Lapointe stated, "The guilty plea of Adam Colin Todd is a significant victory in our ongoing efforts to combat financial crimes and protect the integrity of our financial system."
Assistant U.S. Attorney Trevor Jones is prosecuting the case, which was investigated by the FBI’s Miami Field Office. A sentencing hearing has not been scheduled yet. Todd faces a maximum penalty of five years in prison and a $250,000 fine.
The case is a stark reminder of the importance of adhering to anti-money-laundering regulations in the cryptocurrency industry. As the use of cryptocurrencies continues to grow, it is essential that companies prioritize transparency and compliance with financial regulations.
The guilty plea was announced by U.S. Attorney Markenzy Lapointe and Special Agent in Charge Jeffrey B. Veltri of the FBI’s Miami Field Office. Related court documents and information can be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 23-cr-20478.
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Key Facts
- State: Florida
- Agency: DOJ USAO
- Category: White Collar Crime
- Source: Official Source ↗
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